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Finance Unit 2 > 1.2 How Needs, Wants And Aspirations Change Over The Life Cycle > Flashcards

1.2 How Needs, Wants And Aspirations Change Over The Life Cycle Flashcards

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1
Q

Does a persons needs change over the life cycle?

A

No, but their values on what they consider important change due to ageing or experiences

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2
Q

Name the stages of the life cycle

A 
Birth and infant hood. (0-2yr)
Childhood-preschool. (2-5yr)
Childhood-school. (5-12yr)
Teenager. (13-19yr)
Young adult. (18-25yr)
Mature adult. (26-40yr)
Middle age to late middle age. (41-60yr)
Old age/retirement. (>65yr)
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3
Q

As people move from childhood into adulthood and older, why do their needs and wants change?

A 
Change according to...
Lifestyle.
Prevailing culture of the society in which they live.
Size of their family.
Their ability to afford products.
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4
Q

How are aspirations likely to change as you get older?

A

Likely become more realistic as you learn more about life

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5
Q

Give examples of a baby’s needs

A

Warmth
Safety
Food
Shelter

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6
Q

Give examples of a baby’s wants

A

Love

Attention

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7
Q

Give examples of a child’s needs

A

Warmth
Safety
Food
Shelter

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8
Q

Give examples of a child’s wants

A 
Love
Attention
Toys
Treats
Fashionable clothes
Music
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9
Q

Give examples of a child’s aspirations

A

Bigger, better toys
Fame
Particular careers
Independence

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10
Q

Give examples of a teenagers needs

A

Warmth
Safety
Food
Shelter

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11
Q

Give examples of a teenagers wants

A 
Love
Attention
Social interaction
Fashionable clothes
Music
Transport
Latest mobile phone / electronics
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12
Q

Give examples of a teenagers aspirations

A 
Fame
Fortune
Love
Independence
Self expression
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13
Q

Five examples of an adults needs

A

Children’s needs may take priority.

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14
Q

Give examples of an adults wants

A

Bigger home
More space
Material goods
Linked to children’s futures eg education

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15
Q

Give examples of an adults aspirations

A

Happiness and health
Children
Career promotions
Security

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16
Q

Give examples of an old persons needs

A

Care
Help
Support

17
Q

Give examples of an old persons wants

A

Safety

Security

18
Q

Give examples of an old persons aspirations

A

Aspirations for children / grandchildren to settle, marry and do well

Finance Unit 2 (14 decks)

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